Understanding Specialty Contractors Insurance 

Contractors can offer a wide variety of professional services, often taking on jobs all by themselves or contributing critical components to larger projects. Regardless of whether you operate a larger general contracting business, own a smaller business or function as an independent individual, being a member of this sector requires carefully composed insurance. At Cormack-Routhier Agency, Inc., we can help you retain the right specialty contractors insurance.

What Is Contractors Insurance?

When seeking out appropriate specialty contractors insurance, you and your peers may need multiple policies to address various risks and exposures. A suitably crafted contractors insurance package should typically include several types of coverage, each tailored to account for perils and threats relevant to your operations. You can satisfy legal requirements, ease client concerns, and fortify financial stability through the right combination of specialized policies.

What Types of Insurance Do Contractors Need?

Given the many types of tasks contractors may be hired to perform, as well as the varying size and scale of operations, exact coverage needs in this sector can vary significantly. Still, several types of policies may be highly recommended, mandated by clients or even legally required. Consider building your specialty contractors insurance package and loss control measures around the following components:

• General liability insurance can assist with claims arising from third-party bodily injuries, property damage or personal and advertising injuries for which you’re responsible.

• Professional liability insurance may help with legal costs and losses if a client alleges you provided faulty work or inaccurate advice.

• Commercial property insurance can cover your company assets while at your place of business, including buildings, equipment, tools and inventory.

• Inland marine insurance can extend physical property coverage off-site, such as to job sites.

• Builders risk insurance may help address damage involving structures you’re working on and other on-site losses.

• Workers’ compensation insurance is often required by law and can provide financial aid if employees are injured on the job or develop work-related illnesses.

• Commercial auto insurance is also often legally mandated and may financially protect against incidents involving motor vehicles.

• Equipment breakdown coverage may help pay for losses if your machinery malfunctions or breaks down.

• Surety bonds, also known as bonds insurance, can compensate clients if you’re unable to complete a job as agreed upon.

• Commercial umbrella insurance can provide additional liability coverage if other policies’ limits are exhausted.

Learn More

At Cormack-Routhier Agency, Inc., we can help contractors in or around Cranston, RI secure personalized coverage. Contact us today for more information or to compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.